Bolder Boulder

Colorado unemployment down to 7.2 percent in February

People are searching for a job at the Denver Workforce Center in this March 2011 file photo. (Hyoung Chang, The Denver Post)

Colorado's unemployment rate continued its downward trend in February, falling to 7.2 percent, the Colorado Department of Labor and Employment said Friday.

The rate was down from January's 7.3 percent and the lowest it has been since February 2009.

Meanwhile, the state added 10,800 nonfarm payroll jobs during the month.

"It is nice to see the trend continue," said Alexandra Hall, chief economist for the labor department.

From May 2008 to January 2010, Colorado lost 154,800 jobs. By February, 144,200 of those jobs, or 93.2 percent, had been recovered, Hall said.

That compares with a 65.5 percent recovery rate at the national level, where 5.7 million of the 8.7 million jobs lost have been recovered.

(Click to enlarge)

Hall predicted that Colorado should recover all jobs lost during the recession by April or May.

"I think it (the jobs figures) kind of goes to show the resiliency of the economy," said Patricia Silverstein, president of Development Research Partners and chief economist for the Metro Denver Economic Development Corp. "We are not out of the woods yet. Obviously, there are still a lot of issues at the federal government level, the international level, that can influence our behavior, can influence our economic growth potential here."

Colorado's monthly gain in nonfarm payroll jobs pushed the state's total to 2,352,900 million jobs. Private-sector payroll jobs increased by 10,100, and government increased by 700 .

Over the year in Colorado, nonfarm payroll jobs increased 62,800.Private-sector payroll jobs increased 60,700, and government increased 2,100.

From February 2012 to February 2013, the number of Coloradans participating in the labor force increased 18,600, total employment increased 44,700 and the number of unemployed decreased 26,200 .

Silverstein said that what remains to be seen is how the sequestration affects governmental spending in Colorado. That is why expectations for 2013 — while still a good growth year for the region — will be below what it was for 2012, said Silverstein.